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From Court Last Thu.
This is from the hearing where Cobalis is attempting to get relief form its debt based upon unfair shorting claims on YA. No real update or ruling posted, just a question by the judge as to whether they had reached a settlement. Kind of strange. Anyone have more info ?
8:07-12347 Cobalis Corporation Chapter 11
Adv#: 8:09-01728 Cobalis Corporation v. Gryphon Master Fund LP
STATUS CONFERENCE Re: Complaint to avoid and recover preferential
transfers and preserve for the benefit of the estate pursuant to 11 USC
Section 547, 550 and 551; and (2) to disallow claim of Gryphon Master
Fund, LP against the estate pursuant to 11 USC Section 502(d)
(cont'd from 2-4-10)
#15.00
Docket #: 1
Tentative for 4/22/10:
Why no status report? Is there a settlement?
Despite all the hype and pump from the board reality has a way of a interjecting itself doesn't it ? I'll echo a question from a previous poster... What happened to the PSC profile ? Was that all hype from day traders trying to make a quick penny last week ? This is getting old.
AS beachgal just pointed out, authorized is not the same as issued. AND it's all somewhat irrelevant at this point. This board keeps getting spun up out stock specific tidbits because we're all so anxious. But the key point is that sales are what we need now. Sales will make this thing offset any potential dilution btw.
Authorized just means the company is authorized to issue that many shares. doesn't give you any details as to what the terms of any such alleged or potential issues might be or the reasons why. heck, it could be in anticipation of a major split after PSC starts pumping the stock and quadruples or sextuples the value for all we know - ;).
Bottom line and what keeps this board spinning, is that there is little to no news since the company got its reorg plan approved. they are certainly now working that and some news - most importantly sales reports - must be forthcoming. once they prove the product will sell it is smooth sailing. until then all of this buzz of trying to make some news out of none is just lipstick on a pig.
4/21 is meaningless. Hearing re: an attorney who broke Ch 11 protocal in claiming certain fees.
4/22 could be meaningful. Attempt by Cobalis to get relief from debts claiming debt was met by unfair stock transfers (read shorts) by YA. IMO it is a long shot, but it could be a game changer should they win it. And since 2 and numbers containing 2 (especially 22) are always lucky for me, I am holding out hope. 4 being 2 squared and 22 being 22 twos !!!! LOL on 4/22 I get rich. If the stock is sitting at 22 cents that day I'm buying a LOT.
Pumpers need cash to pay their taxes :)
greek -
Yes, agreed. Perhaps closing with the negative sounding comment about patents getting sold diluted my point/question. Not suggesting CLSC will sell patents. Just meant it as an illustation that establishing commercial mfg for the demand we all think is there is not trivial and has caused start-ups with single patents to sell the patent to larger orgs, get the cash, then go back to the next research project. Everyone is speculating about the 20Mil order and the big potential market beyond that. The evidence of that order being real or other markets happening would be some spin up of the commercial mfg machine. It's not a switch you just throw on over night when you need to start filling orders. Thus, any mention of requests to enter into agreements, including commitment of future revenue, would be a real confidence booster to potential new investors. As I said, I recall seeing something to that effect in court docs or past PR, but cannot find it now.
Perhaps they have a relationship with a mfg company with capacity. But it costs money to produce. They cannot enter into further debt by asking the mfg to credit them for raw mtls and services without permission from the court. Cannot take on further debt while under BK protection without court approval. Must be something out there I haven't seen. Court would not approve CLSC plan, to have them pay exorbitant monthly debt fees without allowing them an avenue to get product produced. In my experience with contract drug mfgs, they will not take on a job for an unproven product without agreement and cash up front. Always one of the toughest steps for a pharma research company going from clinical to commercial stages of product life cycle. I consult in the industry and have seen many patents get sold for the quick cash versus the headaches and costs of product development and commercial mfg logistics - even for solvent companies.
Simple fact is all of the positive news was predicted and touted for weeks and even months leading up to last week. The value to be gained in PPS was already in there. That means people believed the predictions regarding approval of the CLSC plan. And even better news, their belief was rewarded. No one was sitting around waiting for official word in order to buy. Now, next step is showing some sales figures with real revenue. Don't need to emerge from BK officially to report sales and inspire confidence that emergence is imminent. Anyone have any fact-based, educated guesses as to when/what sales figures might be coming ? Wild calculations based upon estimated size of the allergy market in the U.S. and worldwide won't do.
Mfg ? Where does the mfg capacity come from to fill these deals, assuming they materialize ? Even should the Russian deal be for real and not too politically complicated to execute, what capacity does CLSC have to meet the mfg demand ? Certainly anything significant would exceed their clinical mfg capacity and would require commercial mfg contract. I seem to recall something about a mfg contract with someone in the past, but cannot find details. Anyone see anything in the court docs granting permission to enter into a commercial mfg deal ?
Dude I can't get much more concrete than volume is looking good. It is 50% above avg. 300K/200K = 1.5. That's as mathematically concrete as it gets.
If you are referring to the recents claims for BK court victory I'm waiting for that concrete news too. Perhaps post a reply to one of those who claim their attorney got a copy of something. That would be very good to see.
volume looking good considering a few hours of trade left today
Anyone notice a posting pattern ?
Agreed. But I brought all my friends and family in at .05. :) They are sure to buy me some bottles of wine in the next few days.
Sorry to be a nay sayer, but despite on the rumors of good news, this baby ain't going anywhere without some real, official, provable news. Of course when it hits, all those lurkers hear who are thinking about it will be kicking themselves for not moving at .21. But that's the way it is when you're in BK.
Cool. If your attorneys got it it is public - unless you're an insider yourself. Please post some artifacts so that all may share in the jubilation!
What a judge say is public - IF he has officially made a ruling. If someone is talking out of school about what is going on in hearings, it is private.
But all I can say to all of Carmine's posts until we see some meat is: ZZZ, ZZZ
JOhn1 - Haven't you learned yet that thinking on these boards will get you flamed ? LOL. Just say the stock will be at $1 soon and fall in line, son!
Seriously, I too noted the similarity. Even the websites have some similarities. Could be coincidence. Could be someone stole the other's marketing design. Could be same marketing company designed both packaging and web site concepts. Certainly they are not competitors, but related products - both vitamin based OTC preventatives of something. Let's assume the best - that Pristin folks saw something they liked about the Prehistin stuff and decided mimicry would give them some marketing coat tails to ride.
Stock with be at at $1 with 56.3 hours !
I can tell you that my brother lives in TX has seen some of the advertising. I think he said it was during a block of local commercials on a local sportscast. Of course he knew of the product already and was on the lookout for it at my request.
As I said previously, I don't think we'll see anything regarding sales reporting until this runs for a few weeks and some good numbers can be reported. Since they don't have the bucks to run this nationwide without some emergence from BK, or at least something to get some credit worthiness established, they are doing the right thing by taking it slow. Wouldn't do any good to dump a lot of money into a nationwide blitz without knowing if you're going to have the mfg. capacity to meet the demand that would generate. The play now is to establish a controlled market and show that if this goes nationwide it will play out well. Then credit worthiness can be established and large scale campaigns along with production agreements can be signed.
Wish I had a dollar for every time "someone" posted something like that.
What court ?
Thanks for some real info. Just curious, but was the "sent from bb" tag at the end yours or theirs ? I would be a little surprised to see investor inquiry emails being answered with grammatical errors and from a Blackberry. But I guess it points to what this company is until it emerges from BK.
At least there is some mention and acknowledgement of the need to be fully reporting again. That will get the guidance going that we need. I just hope my suspicion is correct and the only real hold up on that reporting is timing it with a real sales spike coming from some of the recent marketing efforts. That would be my strategic play if I were driving the boat.
Happy Easter all and let's look forward to at least some good legal news next week to nudge us past this recent .25 resistance. That followed in the coming weeks of some positive sales news will be the real ignition for a rocket.
Thank you for you Reply. Again, we appreciate your efforts and assume you will be consistent.
Carmine- Need I say I told you so ? Here again today we see a new or infrequent poster not appreciating your pumps. Again, Newton's Third Law. It's pretty simple and although Newton meant items in physical motion - it still applies here. Every time you pump lurkers here get suspicious. You're not as subtle as you think you are.
You set expectations, they don't get met, people sell or hesitate to buy. Again today (or late yesterday) you post some nonsense about judges decisions that are looming. No one believes you have information at this point about a court decision looming. Shut up and wait. If you're as positive as you say are, pawn everything you own and buy, buy, buy. Otherwise shut up and wait.
Bottom line is someone believes this stock is going to do something or there wouldn't be some of the activities we've seen. Even if CLSC were desperate they wouldn't waste time pumping themselves just to get a few more buyers and then go bust. And yes, some serious buying has gone on by insiders. Unfortunately, your pumping marginalizes all of that. It's all been said. If you have nothing new to add, I for one would appreciate it you'd just stop posting.
LOL - I believe ENOUGH SAID was what I said.
People are wise to all the pumping. We know we have some great potential. But all you pumpers don't realize you create more negative reaction than positive. Newton's Third Law applies here I think. If you'd just show some calm confidence you would influence opinion much more than these desperate attempts to pump are doing. Look at how frustrated Scan007 is. For every poster on here that is chiming in there are likely tens of lurkers who feel the same.
We all know this stock has some serious up potential. Hang on, be patient, and let it happen. By not selling you're saying it all. All this speculating and spreading rumors about a decision today or some such nonsense just sets expectations in the wrong place and creates more negative response.
OR perhaps you're all day traders and not really long on CLSC like you claim to be ?
Now, feel free all to flame me, call me fool or whatever. But I at least need those who feel there is pumping going on to know there are some of us with rational thought processes that are still hanging on to this stock - even if we don't expect some magic decision tomorrow.
It's Friday so at least anemic volume means shorting day traders aren't dumping for the weekend. Someone said a few days ago it looked like they were out. Think it was greek. I think he was right.
Yes, urche might be a fool. Or at least he's never been an inside trader before. SEC has different filing requirements depending upon level of ownership. The form he's looking at to tell him Sterm is a 10% owner is indicating Sterm is AT LEAST at 10% owner. It doesn't indicate how much above 10%. Although you don't need to have been an inside trader to figure that out. You just need to realize that the 10% figure has stayed the same through several significant buys.
I wouldn't worry too much about diluting with stocks in this price range. The upside potential when this succeeds far exceeds any dilution that can occur. We're talking orders of magnitude here. If they diluted by hundreds of times, they would be just as dirty as they are claiming YA was with the shorting. I mean we were in the nickel range in Jan. and now we're all depressed because we keep closing below .25. Patience and perseverance will make u rich. Besides, are you all hanging in to get a piece of the profits one day or are you trying to make money on the stock ? As long as any dilution is injecting cash and helping us get YA off our back, start selling lots of product, stock price will go up, not down.
My guess is they'll start reporting in the coming months once some serious sales start happening in the trial market. We'll see dilution has occurred, maybe even significantly, but forecast sales numbers based upon the Texas pilot market will be off the chart. They're waiting for those numbers to look they way they expect and then they'll start reporting. IMO.
I guess we'll find out soon enough. The prelim ruling in the court docs referred to a "Confirmation Hearing". Not sure if that is another court date or if that is part of today.
Court doc says:
"It is somewhat unclear to the court whether the parties are now in agreement on
the proposed changes, or not. Judging from the two replies filed on December 10 it would seem
that the areas of disagreement are either substantially reduced or eliminated."
This and mention of release of claims, and some other language about an injunction running in favor of the debtor (Cobalis) leads me to believe some agreement being reached that moves away from the all or nothing approaches the two sides were previously on.
Also, court clearly has stated it is "court is disinclined to let this case
drag out any longer by further continuing dates".
Whether today or not, the end is near. And perhaps my analysis is leaning in the direction of where I want this end because I am partial, being a shareholder. But I have shared my logic as to why we have some good news coming.
Making sense of court prelim ruling:
Malpas is administrivia. Attorney getting his wrist slapped.
Relevant points IMO:
- there is a Joint Disclosure Agreement between CLSC and YA dating to December.
- it has been discussed and red-lined between both parties
- court just approved it for dissemination (i.e. communicating it out to us little people) pending a couple of questions - to be answered in court today I believe.
- in that disclosure it seems to indicate there is an agreement to "discharge" or "release" Cobalis's claim against YA for playing dirty with the stock.
- If that is true then, Cobalis must be getting something in return (let's hope release of push for Ch 7 at a minimum, perhaps more).
- there is still to be a "Confirmation" hearing in which either YA or Cobalis's plan for reorg is approved (thought that was today, but apparently not, although not far off).
The important implication in all of this is that while before it looked like we were looking at to completely opposing plans (CLSC plan where we make a lot of monet and YA plan where we lose all), the alleged "release" of claim in the JD doc seems to indicate to me YA's plan may be ammended now. In the optimistic view we could be looking at two plans - One in which we win A LOT (we've all seen it or at least been offered to see via shareholder letter sent), and One in which we still win - but how much we don't know until we see it.
Depending upon what happens tomorrow in court .50 could be sooner than two weeks, IMO. This bouncing back and forth by half cent at the .25 range is nerve wracking. But forgetting court, the TV ads must spark something. Those should be running this week in Houston area, right ? I assume they will still point consumers to the web site as the only sales channel. But my hope is, like other companies I have seen launching products, that a major retailer sees the ad and approaches CLSC to discuss carrying Phstn. Then we'll be up, up, up!!!
Dude, John1 was right in his previous comment. The SEC form that was previously posted was for a Feb. purchase at lower price. Perhaps the original poster of that news posted the wrong link or missed that though the form was filed recently, it was for a purchase prior to the latest trend is SP. The links you just posted do confirm recent purchases at the current range and are awesome news!
John1 - keep opening your hole. Only way people new to these boards are going to react to all the rah rah posts and do some buying is if they see a bit of reality check going on in the discussions as well. Thanks for keeping it real. But I'm also glad carmine is right and some serious insider buying is going on at these levels!
Par share value means nothing on these SEC filing forms. It's required and specifically set at a near zero value. If that's where your comment "I hope it's not .01c per share" came from don't fret. See for example, the following similar form for Jamba Juice, which is trading today at $1.65/share and was at $6 per share for the shares mentioned on this form. Same par value ($.001) is filled out. Has no real relationship to the market value of the shares (or perhaps in this case we wished it would, as we'd all take the analogous $6 right now). :)
http://apps.shareholder.com/sec/viewerContent.aspx?companyid=JMBA&docid=4800121
I hope so. I'll jump in further if so. I'm guessing a lot of shareholders (or at least this board's participants) have never been through a Ch 11 before. This is how they go, slow and methodical. If we were going down hard, I believe we would have done so by now based upon past experiences. Of course I could be wrong, but I don't think so. YA is not happy and never has been. Of course not. Thye're owed money. That's to be expected. But they're not presenting a clear plan as to why liquidating is better or it would have happened. Cobalis is taking its own sweet time because that's prudent business thing to do, especially in this economy. We will emerge, and we will do fine. Unless we think Chas is a complete idiot (in which case why did we buy in the first place) this thing will emerge. Otherwise he would have agreed to liquidation a year ago as would the court. I don't think the court is letting this thing drag on only to eventually grant what was requested a year ago. Again, only my opinions, but dump away people. You'll only be kicking yourselves eventually.
Looks like more continuation...
Cobalis Corporation Chapter 11
Debtor's Motion for approval of chapter 11 disclosure statement
Describing Debtor's Chapter 11 Plan Dated August 3, 2009
(cont'd from 9-9-09)
#18.00
Docket #: 180
Tentative Ruling:
Amended disclosure statement was filed on October 9, 2009 but copies were not received
in chambers until the morning of October 12, 2009. If counsel would like the Court to
review papers filed shortly before a hearing, they must ensure that Judge's Copies are
delivered promptly. The Court has had no practical ability to review. Continue.
No biggie. Just sounded like you were pretty down when you said "under the microscope". Just pointed out that if they are, they always were because of those motions were still open, just continued. I'm not expecting fireworks one way or the other today.
Yeah, know what you mean about the board. Nuff said.
raam08 - Not sure why you say microscope. If you go back and look you'll none of those motions listed were ever closed out - vacated, approved or denied. They were all continued. In order for them to be closed out they need to be listed on the docket. This could be administrative housekeeping or it could be microscope as you say. I am leaning towards housekeeping as you will also see one of motions is for approval of the business plan presented by Cobalis.